When compared to most cryptocurrencies that are currently recording price increases, Terra (LUNA) is showing bullish, becoming the second asset to soar higher after Anchor Protocol (ANC).
At the time of writing, LUNA is trading at $ 67.49 with a price increase of almost 22% in 24 hours.
Based on its price movement since Feb. 20, LUNA is up more than 43% from $ 47.34 to a daily high, $ 68 today.
Apparently, the bullish LUNA is driven by its tied nature to the stablecoin of the Terra ecosystem, UST.
What happen?
For information, the Luna Foundation Guard has recently launched a private token sale and managed to raise $ 1 billion in revenue.
Through those efforts, Terra wants to develop a Bitcoin treasury for UST.
Stablecoin is often faced with two criticisms: the reaction to the sentiment around it and the situation when asset sales are high leading to a decline in the price of LUNA and UST.
While UST’s acceptance is actually broad enough to curb the effects of cryptocurrency market instability, Terra is confident the presence of decentralized reserves is able to offer additional space that maintains reserves while contraction reduces asset dependence on the system.
And the option to create a Bitcoin treasury for UST is because this king of cryptocurrencies is the most unrelated asset to the Terra ecosystem.
